Residential lending

Refurbishment loan, extension of a terraced Victorian House

The finance
Octopus Property provided a 12-month refurbishment facility to Opulen 17 Ltd, an established, London based property group. Opulen are multi-faceted development business, specialising in heavy refurbishments and new build opportunities in the West London residential property market. The loan was for a total of £1.1m which allowed for a £0.7m day one acquisition purse. The facility also included 100% of construction costs and was phased over four tranches. With the funds being drawn as needed, our clients only paid interest on the total amount drawn at any given point. This flexibility allowed our clients to manage an efficient cashflow and avoid any unnecessary finance costs. With leverage at the forefront of our client’s priorities, we provided a facility which was 70% loan to OMV (Net) day one and 84% loan to cost.
£
1.1m
single loan
12
month-term
70
%
LTV
Our solution
This two story, three bed, mid-terraced home was bought in need of complete renovation. With the previous owner having occupied the property for the last 30 years, our clients were keen to modernise the unit in order to unlock its true value. Through the addition of a rear extension, side return, roof extension and subsequent loft conversion, we were able to extend the property significantly to offer a large 5-bedroom family house in Shepherd’s Bush. The property benefits from a complete renovation and with the help of Octopus Property, we were able to finish the property to a very high standard.
"Octopus Property were the perfect partner for us to acquire and develop this opportunity in West London. They were supportive throughout agreeing a bridge to purchase the property and then supplying us with 100pc of costs to extend and renovate the property ready for market."
Director
Opulen
Residential lending
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